APN sees 50% profits slide

Media group APN, in which Independent News & Media has a 32.2% shareholding, has announced a 50% profits slide for the first half of the year.

Net profits after tax were AUS$36.1m (€21m) in the six months to the end of June, down from AUS$72.3m (€42m) for the same period last year.

APN Chief Executive Brendan Hopkins said: "As we indicated to the market in February, the first half of 2009 was likely to be challenging. Whilst we are disappointed with the outcome, given all the circumstances and the prevailing uncertainty that continues to affect our markets, we consider the results to be satisfactory."

Hopkins added that the slide experienced in the first half of the year halted in July and August and that "September onwards looks a little better".

APN Australian Publishing operates 14 regional daily newspapers and more than 60 non-daily and community titles across Queensland and northern New South Wales.

In New Zealand, APN publishes The New Zealand Herald, the Herald on Sunday, nine regional daily titles and more than 30 community titles and New Zealand magazines.

The Australian Radio Network (ARN) broadcasts across 12 metropolitan FM and AM stations on two networks, Classic Hits and Mix, with a national audience of more than four million each week.

Radio has proven more resilient than almost all other media sectors, taking share from print, television and outdoor in the half, APN said today.